Savers in Coventry and Warwickshire haven’t put enough away to provide even a modest retirement income, according to new figures.

A pension of around £100,000 is needed for an annual return of £5,500, but according to one financial services firm the average pot of people at retirement age in Coventry is £86,214, while in Warwickshire it’s £71,381.

Both are above the average pension fund in England which stands at just £63,387.

For an annual retirement income of £20,000, people need to have around £440,000 put away.

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However the figures do not show how much money people might have invested elsewhere, such as in property, stocks or shares.

Portal Financial, one of the UK’s leading pensions specialists, analysed the pension savings of almost 2,000 of its customers to come up with the data.

Within Warwickshire, savers in Stratford have put the most away with an average of £201,060 while people in Alcester have saved the least at just £22,383.